the proposed marriage between Natixis and Generali in asset management raises serious concerns

If the banns of a beautiful transalpine wedding could be published this Monday, January 20, the union in question does not delight all the wedding guests. While the Generali Investment Committee was convened on Sunday, the board of directors of the Italian insurance group was to decide on an agreement with the Natixis group on Monday. The purpose: the merger within a joint venture of the asset management activities of Natixis and Generali, namely Natixis Investment Managers (NIM) and Generali Investments Holding (GIH).

A marriage which would give birth to the second largest asset management platform in Europe, with nearly 2,000 billion euros in assets managed as of September 30, 2024 (1,980 billion to be exact), just behind Amundi, at 2,200 billion. In a context of increasingly globalized management where managers' margins tend to be reduced due to the rise in power of ETF funds (funds that replicate…